Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250 . What is Jim's own price elasticity of demand?

Other things being equal, an expansion of commercial bank lending:

A. Changes the composition, but not the size, of the money supply B. Is desirable during a period of demand-pull inflation C. Reduces the money supply D. Increases the money supply

You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q2. The profit-maximizing output for your firm is:

A. 45. B. 10. C. 4/5. D. 5.